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DECISION No

DECISION No.670-TTg ON THE 14TH OF NOVEMBER 1994 OF THE PRIME MINISTER TO ESTABLISH THE VIETNAM NATIONAL CEMENT CORPORATION

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government on the 30th of September 1992;

In implementation of Decision No. 91-TTg on the 7th of March 1994, of the Prime Minister on experimental establishment of business groups;

At the proposal of the Minister of Construction.

DECIDES:

Article 1.- To establish the Vietnam National Cement Corporation on the basis of re-organization of the production, distribution and specialized units of the cement industry under the Ministry of Construction.

The Vietnam National Cement Corporation is a State-owned enterprise which has the status of a juridical person, a seal and a Statute of organization and operation. It is allowed to open accounts at domestic and foreign banks according to State regulations, enjoy autonomy in business, practice economic accounting with member units which are financially independent or depend on financial assignment from the Corporation.

The Corporation's name in international transaction is VIETNAM NATIONAL CEMENT CORPORATION (VNCC) or VINACEMENT for short. It has its headquarters in Hanoi.

The Vietnam National Cement Corporation is subject to State management of the Ministry of Construction and other State agencies as stipulated by law; it has the authority to contact with ministries, State committees and State agencies at central and local levels in the discharge its duties.

Article 2.- The Vietnam National Cement Corporation has the following main duties:

1. To carry out business in cement, asbestos-cement roofing materials, cement-based products, and equipment and accessories provided for in State plans for development of the cement industry; to take initiative in business, ranging from development planning to investment preparation, investment in capital construction, installation, production and marketing of products, import and export, and supply of materials and equipment; to enter into cooperation, joint venture and cooperation with economic organizations at home and abroad, in accordance with State laws and policies.

2. To organize and manage activities in research and development and application of scientific and technological advances and in training and fostering skills for cadres and workers.

3. To receive, preserve and increase the State-assigned capital to carry out the business and development tasks of the Corporation.

Article 3.- In terms of organization and operation, the Vietnam National Cement Corporation is composed of:

1. A Managerial Council,

2. A General Director and a number of Deputy General Directors,

3. Specialized bureaus and sections to assist the General Director.

4. The member units of the Corporation.

Article 4.- The Managerial Council is the body mandated by the State to carry out a number of functions in its capacity as the representative of the State ownership of the Corporation.

The Chairman and the other members of the Managerial Council are appointed by the Prime Minister at the proposal of the Minister of Construction after consulting the Minister-Chairman of the Government Commission on Organization and Personnel.

Article 5.-

1. The General Director is to direct the business operations of the Corporation under the system of one-man responsibility, is the representative of the juridical person of the Corporation in its business relations and is responsible before law and the Managerial Council for the activities of the Corporation.

2. The General Director is appointed by the Prime Minister at the proposal of the Minister of Construction on the basis of the recommendation of the Managerial Council after consulting the Minister-Chairman of the Government Commission on Organization and Personnel.

3. The Deputy General Directors are appointed by the Minister of Construction at the proposal of the General Director after consulting the Minister-Chairman of the Government Commission on Organization and Personnel.

Article 6.- The Minister of Construction is assigned the task of directing the preparations for the early completion of the organization of the Vietnam National Cement Corporation so that it can start operation as from the 1st of January, 1995. This includes the following works.

- To approve the plan for reorganization of business and self-managed units currently operating in the cement industry so as to draw up a list of the perspective member units in the Corporation;

- To draft the Regulation on organization and operation of the Corporation to submit to the Prime Minister for approval in November 1994;

- To complete the personnel apparatus at the corporation level in November 1994;

- To complete the reception of the capital assigned to the Corporation in late December 1994.

Article 7.- This Decision takes effect as of the date of its signing.

The Minister of Construction, the other Ministers, the Heads of agencies at ministerial level, the Heads of agencies attached to the Government, the Presidents of the People's Committees of provinces and cities directly under the Central Government, the Managerial Council and the General Director of the Vietnam National Cement Corporation, are responsible for the implementation of this Decision.

Prime Minister

VO VAN KIET